中原环保(000544.SZ)：拟以公开摘牌方式收购三环资产、四环资产

Core Viewpoint - Zhongyuan Environmental Protection (000544.SZ) plans to acquire the Zhengzhou Municipal Facilities Affairs Center's assets related to the Zhengzhou Third and Fourth Ring Reclaimed Water Pipeline through a public bidding process, with the total valuation set at RMB 1.45764 billion [1][2]. Group 1 - The company intends to acquire the Third and Fourth Ring assets, which will be utilized for reclaimed water industrial use, urban miscellaneous use, clean energy utilization, and ecological landscape replenishment [1]. - The assets are being publicly auctioned with a starting price of RMB 1.45764 billion, as assessed by Henan Mingdao Real Estate Asset Appraisal Co., Ltd. using the cost method [1]. - The final acquisition price and whether the company will successfully become the buyer remain uncertain [1]. Group 2 - A portion of the Third Ring assets originally belonged to the company's controlling shareholder, Zhengzhou Public Utilities Investment Development Group Co., Ltd., through its wholly-owned subsidiary, Zhengzhou Public Run City Water Conservancy Co., Ltd. [2]. - The Third Ring assets were transferred without compensation to the Zhengzhou Urban Management Bureau on November 17, 2025, and subsequently to the Municipal Facilities Center on November 18, 2025 [2]. - Given the short timeframe of the transfer and the relationship with the controlling shareholder, if the company successfully bids, the transaction will be classified as a related party transaction [2].